Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
Resilience launches into European Market
21st June 2023
Cyber insurer Resilience has expanded its operations in the European market now supporting clients in Ireland, Spain, Italy, Sweden, and Denmark. The EU launch comes on the heels of the successful launch of the Resilience Solution in the US and UK markets. Its expansion to other countries will follow soon, ... Read the full article
Cyber insurance GDPW values around $13.5bn in 2022: Insuramore
20th June 2023
According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included. The firm said in a statement that this shows that the top 20 groups for this class are likely to have accounted for ... Read the full article
Intangic MGA unveils new early warning tool for predicting cyber breaches
19th June 2023
Intangic MGA, a data science-driven London-based Managing General Agent (MGA), has announced the launch of the Intangic CyFi™ Dashboard, an early warning tool to provide companies with data-backed predictions for cyber breaches and offer pre-breach insurance. Intangic states that the new dashboard observes cyber attacks targeting companies at an "unparalleled scale", ... Read the full article
“We will find a way to provide significant capacity” to cyber, says Swiss Re’s Lot
15th June 2023
Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the industry will be able to provide significant capacity to cyber risks. Cyber insurance is a growing line, and just like natural catastrophes, it requires a lot of modelling, Swiss Re stated during ... Read the full article
Coalition unveils vulnerability scoring system designed to mitigate cyber threats
15th June 2023
Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs - the firm's research and innovation center - Coalition ESS is a security risk prioritization scoring system that leverages real-time ... Read the full article
Chubb launches Cyber Central, its new quoting platform
14th June 2023
Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. The cutting-edge platform simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. William A. Wise, Executive Vice President of Chubb's North ... Read the full article
AI & Deep fakes becoming the latest surge behind phishing scams: AM Best
14th June 2023
Artificial intelligence (AI) technology and deep fakes are becoming the latest surge behind phishing scams, as they are creating new opportunities for criminals. A combination of voices and writing styles are being mimicked to look as if calls, messages and emails are coming through from a familiar source, therefore making it ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article
Guy Carpenter strengthens its cyber team with various senior appointments
13th June 2023
Guy Carpenter, the global risk and reinsurance specialist and a business of Marsh McLennan, has announced the expansion of its Cyber team with a series of appointments and promotions. Matthew McCabe has been appointed as the Managing Director of Cyber Broking, based in New York. McCabe’s remits go beyond reinsurance structure ... Read the full article
OneDegree partners with Microsoft to drive Insurtech & cybersecurity innovations with Azure OpenAI
12th June 2023
OneDegree Global, a technology startup in the insurtech and cybersecurity sectors, has entered into a strategic partnership with Microsoft Hong Kong. The collaboration marks a major milestone between the two companies as OneDegree integrates Azure OpenAI Service into its IXT insurtech and Cymetrics cybersecurity solutions. OneDegree recently unveiled its latest generative AI ... Read the full article
Majority believe Clop ransomware attack could be impactful to cyber insurers
8th June 2023
We recently published a poll on our LinkedIn page asking our readers how meaningful they think that the Clop ransomware attack could be for the insurance industry. The results from the poll have shown that 36% of participants believe that it could be impactful towards the cyber insurance industry. However, 14% of ... Read the full article
Reinsurance support plays a large role in the cyber insurance market: Moody’s
8th June 2023
According to analysts at Moody's, reinsurance support plays a large role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements to obtain expertise and capital protection. Citing Gallagher Re's 1st View Emerging Equilibrium published in January this year, Moody's notes that reinsurance pricing ... Read the full article
Ransomware trends on a rise, but Beazley well positioned to maintain growth: Paul Bantick
7th June 2023
Ransomware trends are on the rise but Beazley does not see its portfolio being affected as the company is well positioned to maintain growth and deliver strong profitability, specialist re/insurer Beazley's Paul Bantick said on a call held with JP Morgan analysts. Bantick, Global Head of Cyber & Tech at Beazley, ... Read the full article
Treefrog Consulting new Risk Management Services to meet BMA September 1st regulations
1st June 2023
Bermuda-based Treefrog Consulting has announced s Risk Management Services specifically designed to help organisations in the re/insurance, and ILS sector meet Bermuda Monetary Authority's (BMA) new Insurance and Cyber Codes of Conduct regulations. Coming into effect on September 1, 2023, the BMA regulations call for the implementation of an effective Risk ... Read the full article
Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn
1st June 2023
According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the evolution of cyber as a core line of business. Along with ... Read the full article
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